July 29 (Bloomberg) -- Japan Wind Development Co. will
be taken off monitoring for potential delisting from the
Tokyo Stock Exchange tomorrow, the bourse said in a statement.

Tokyo-based Japan Wind missed a June 30 deadline to file
an annual securities report after changing its auditor,
giving it one month to submit the report to avoid delisting
from the stock exchange. The company filed the report today,
the Tokyo Stock Exchange said in a statement.

Japan Wind dismissed auditor Ernst & Young ShinNihon LLC
after the company rejected the findings of an internal
investigation, according to a June 14 filing. Japan Wind had
set up a committee of outside experts to look into three
memoranda an employee wrote to clients undertaking to supply
turbines and batteries without the company’s approval.

That committee found that the memos weren’t legally
binding and didn’t pose inventory or procurement risks,
according to the company’s filing. Ernst & Young ShinNihon
said in a statement released by the stock exchange on June 16
it still had doubts about the facts of the memoranda.

Japan Wind’s shares have declined 21 percent since the
filing on June 14. The stock gained 2.5 percent to 145,800
yen today at the 3 p.m. close on the Tokyo Stock Exchange.